아디포카인 의약품 : 비만, NASH/NAFLD, 심혈관대사 위험 및 지방이영양증 치료를 위한 차세대 내분비 조절제 - 기술 현황, 경쟁 파이프라인 및 세계 시장 전망(2025-2040년)

Executive Summary / Description

Adipose tissue is an active endocrine organ that secretes hormones ("adipokines") shaping appetite, insulin sensitivity, lipid flux, inflammation, thermogenesis, and fibrotic remodeling across liver, muscle, heart, pancreas, and CNS. The GLP-1 era has validated hormone pharmacology at scale; the next wave extends beyond incretins to adiponectin agonism, leptin sensitization, FGF21/FGF19 analogs, GDF15 agonism, ANGPTL3/4 inhibition, BMP7/NRG4 browning cues, and asprosin blockade, with combination regimens targeting weight, steatosis, atherogenic lipids, inflammation, and fibrosis.

Why now:

• Massive obesity & NASH burden; cardiometabolic multi-organ disease.
• GLP-1/GIP success opens combo frameworks; unmet needs: lean mass protection, hepatic histology, durable lipid correction, CV risk residuals.
• Platform maturity in long-acting peptides, antibodies, and RNA; organ-tropic delivery.
• Payer readiness for hard endpoints (MACE, NASH histology, HFpEF function).

Strategic thesis: Adipokine therapeutics will slot in as add-ons or combos with incretins and SGLT2s to optimize weight + liver + lipids + inflammation, creating multi-billion adjacencies in obesity, NASH/NAFLD, familial dyslipidemias, lipodystrophy, and cardio-renal-metabolic (CRM) syndromes.

Technology Pillars & Commercial Angle: Pillar with Modality and Key Commercial Use case

• Adiponectin pathway up-modulation - Small molecules, biologics mimetics - Insulin sensitization, NASH anti-fibrosis, adipose remodeling
• Leptin axis (metreleptin, sensitizers) - Recombinant leptin, sensitizer combos - Lipodystrophy, leptin-deficient subgroups, combo in obesity plateaus
• FGF21 analogs - Long-acting engineered proteins - NASH histology, triglycerides ↓, adipose beiging; CV risk adjunct
• FGF19 analogs - Engineered variants - NASH (steatosis/fibrosis) with bile-acid axis modulation
• GDF15-GFRAL agonism - Long-acting peptides - Appetite suppression, weight loss adjunct to incretins
• ANGPTL3/4 inhibition - mAb / RNA - Atherogenic dyslipidemia, residual CV risk, rare lipid disorders
• BMP7 / NRG4 / "browning" cues - Protein/RNA signals - Energy expenditure, hepatic protection
• Asprosin antagonism - mAb - Appetite, glucose output, weight/liver synergy
• Resistin/chemerin/CTRP tuning - Small molecules / biologics - Immuno-metabolic reprogramming

Market outlook:

Global adipokine therapeutics market ~$4-6B in 2024 -> $30-45B by 2035 -> $55-75B by 2040, led by FGF21/FGF19 launches in NASH/NAFLD, ANGPTL3 in dyslipidemia & CV risk stratums, metreleptin expansion niches, and GDF15 combos in obesity. Peak upside tied to combo packs with GLP-1/GIP, CV outcomes data, and NASH histology approvals.

Scientific & Technology Landscape

1) Core Endocrine Axes

• Adiponectin: ↑AMPK/PPAR-a, ↑fatty acid oxidation, insulin sensitization, anti-inflammatory & anti-fibrotic effects in liver; low in obesity/NASH.
• Leptin: Hypothalamic satiety & energy expenditure; metreleptin is approved for generalized lipodystrophy; obesity often displays leptin resistance -> sensitizer strategies matter.
• FGF21: Hepatic/adipose hormone; ↓TG, ↓steatosis, ↑ketogenesis, adipose browning; long-acting analogs show NASH histology potential and strong lipid effects.
• FGF19: Bile acid synthesis regulation (CYP7A1), steatosis/fibrosis signals; requires oncogenicity-safe engineering.
• GDF15 (GFRAL): Brainstem appetite control; potent anorectic signal with distinct tolerability profile vs incretins.
• ANGPTL3/4: Inhibit LPL; blocking ANGPTL3 reduces TG, LDL-C (esp. remnant atherogenic particles) -> residual CV risk lowering.
• BMP7/NRG4: Promote thermogenesis/beiging, protect against hepatic stress.
• Asprosin: Fasting hormone from white adipose; ↑appetite (CNS) and ↑hepatic glucose output; neutralization -> ↓weight, ↓glucose (preclinical/early clinical).

2) Modality & Delivery Playbook

• Long-acting peptides/engineered proteins (albumin fusion, Fc-fusion, PEGylation).
• Monoclonal antibodies (asprosin, ANGPTL3).
• RNA therapeutics (siRNA/ASO against ANGPTL3/4; emerging organ-tropic LNP for adipose/liver).
• Small molecules (adiponectin receptor agonism; leptin sensitizers).
• Gene therapy (rare lipodystrophies; experimental).

3) Biomarkers & Endpoints

• Weight/BMI, WHtR, liver MRI-PDFF, MRE, histology (NASH: NAS, fibrosis stage), TG, non-HDL-C, ApoB, remnant cholesterol, HOMA-IR, adiponectin/leptin ratio, CRP/IL-6, MACE in outcomes programs.

Table of Content

1. Introduction & Scope

• 1.1 Definitions & inclusion criteria
• 1.2 Methodology & evidence grading
• 1.3 Adipokine vs incretin vs SGLT2 positioning

2. Pathobiology & Endocrine Network

• 2.1 Adipose tissue as an endocrine organ
• 2.2 Cross-talk: adipose-liver-muscle-CNS-CV
• 2.3 Inflammation & fibrosis axes (TNF-a, IL-6, TGF-B)

3. Modality Engineering & Delivery

• 3.1 Long-acting peptide engineering tactics
• 3.2 Antibody & RNA modalities
• 3.3 Depot, FcRn, and albumin-binding strategies
• 3.4 Adipose/liver tropism - delivery innovation

4. Clinical Landscape & Pipeline

• 4.1 Global pipeline census by class & stage
• 4.2 Lead assets - study designs & key readouts

5. Safety, Tolerability & Risk

• 5.1 Class-specific AEs (GI, gallbladder, transaminases, bone markers)
• 5.2 FGF19 oncogenicity considerations & mitigations
• 5.3 Immunogenicity & neutralizing antibodies
• 5.4 Long-term metabolic adaptations

6. Market Access & Commercial Strategy

• 6.1 Market sizing (2025-2040) by indication & region
• 6.2 Reimbursement levers
• 6.3 Channel: endocrinology, hepatology, cardiology, obesity clinics
• 6.4 Combination economics with GLP-1/GIP & SGLT2

7. Competitive & Deal Landscape

• 7.1 Company archetypes and platform advantages
• 7.2 Licensing trends

8. Forecasts & Scenarios

• 8.1 TAM/SAM
• 8.2 Base/Bull/Bear curves
• 8.3 Peak sales sensitivity to endpoints
• 8.4 Country launch sequencing & uptake curves

9. Strategic Outlook & Recommendations

• 9.1 Most de-risked near-term classes
• 9.2 "Combo-first" trial strategies
• 9.3 Partnering map by mechanism

10. Appendix